Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Trip.com Q125 Results | Rising Expenses Led to Margin Compression, Again | Still Prefer Airlines

Monthly Chinese Tourism Tracker | Domestic Activity Firmed in April | Airlines > TCOM (May 2025)

Weak Spending over China's Dragon Boat Festival Holiday Period Suggests Tourists Remain Frugal

Monthly Chinese Tourism Tracker | Growth of Travel Demand Slowed in January-February (March 2025)

Monthly Chinese Tourism Tracker | LNY Numbers Just OK | Airlines Filling Up | (February 2025)

Trip.com Q424 Results | Higher Costs Finally Arrive, And With a Vengeance

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>March demand growth improved vs weak February, but Q125 showed clear slowdown vs trend</li>
<li>Relatively strong demand growth for outbound travel is no longer lifting airline load factors</li>
<li>Near-Term, we no longer view Chinese travel as attractive, as stocks appear to lack catalysts</li>
</ul>


March demand growth improved vs weak February, but Q125 showed clear slowdown vs trend
Relatively strong demand growth for outbound travel is no longer lifting airline load factors
Near-Term, we no longer view Chinese travel as attractive, as stocks appear to lack catalysts


Mandarin Oriental International (MAND SP)

Beijing Capital International Airport (BCIA) (694 HK)

Beijing Capital International Airport (BCIA)

Monthly Chinese Tourism Tracker | March and Q125 Demand Growth Weak Vs Trend (April 2025)